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Get Accountability, Accounting News, Disclosure, Financial Reporting Articles, News, Journal, Research updates - Accountability Central

“Accounting…and…accountability” – these are clearly linked terms with common meaning that emerged along with the modern capitalist system, deriving from Middle European languages and cultures. “Accounting,” (says Webster’s New Collegiate) is derived from the medieval, “to tell…” -- as today’s accounting systems are designed to “accurately tell the story” of an organization’s financial condition.

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News & Updates

March 16, 2010 Dodd’s Financial Rules Bill Dilutes Obama Plan to Seek Support

Source:BusinessWeek

Senate Banking Committee Chairman Christopher Dodd’s plan for the biggest Wall Street regulatory overhaul since the 1930s drops provisions he sought in November and dilutes others as he seeks bipartisan support.

March 15, 2010 Federal Reserve decision on interest rates is due Tuesday

Source:Los Angeles Times

The central bank is expected to keep its short-term rate near zero, so investors and analysts will scour its statement's language for subtle clues. The stock market doesn't want any surprises from the Federal Reserve's meeting...

March 12, 2010 Ernst & Young faces legal action over Lehman collapse

Source:Times Online.co.uk

Ernst & Young could face legal action after a damning report into the collapse of Lehman Brothers accused the British accountancy firm of professional negligence over a number of years before the catastrophic downfall of the 158...

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Research & Insights

February 18, 2010 Measuring the Risk of Accounting Irregularities

Source:WebCPA

Two services are using new technology to assess the likelihood of accounting irregularities at companies and the impact of negative news stories on corporate reputations. One of them, from Audit Integrity, assigns Accounting and...

February 4, 2010 Fair Value Accounting: Villain or Innocent Victim?

Source:Sanders Shaffer, Federal Reserve Bank of Boston

There is a popular belief that the confluence of bank capital rules and fair value accounting helped trigger the recent financial crisis. The claim is that questionable valuations of long term investments based on prices obtained...[more]

January 28, 2010 Why all the surprise? Financial services industry should adopt, not obstruct, reforms

Source:CFA Institute

New York, NY – January 26, 2010 -- The financial services industry seems to have forgotten what this country went through and embraced just 18 months ago: a common goal of coordinated, global regulatory reform for banks and other...[more]

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Commentary & Opinion

March 15, 2010 The Last Temptation of Lehman Brothers

Source:RightPundits.com

Across the pond, in jolly old England, government investigators have determined that Lehman Brothers practiced an “irresponsible business model”. Oh really? They just figured that out, huh? Only took them 18 months! That’s what I...

March 15, 2010 Dealing With Fraud by Denial

Source:Floyd Norris, NY Times

Years after Charles Ponzi was imprisoned for a fraud that cost victims millions of dollars in 1920, the state of Massachusetts determined it had recovered all the assets it could, and began to distribute them to victims, who...

March 5, 2010 A Game of Resisting the I.R.S.

Source:Floyd Norris, NY Times

If ever there was an area of taxation that needed simplification, it is the American corporate income tax. Companies end up filing tax returns containing thousands, or even tens of thousands, of pages.

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